Major technology stocks led a rebound in U.S. markets following weaker-than-expected consumer confidence data. The shortened trading week saw the S&P 500 closing near its session high, driven by gains in Nvidia, Meta Platforms Inc., and Tesla, which pushed the "Magnificent Seven" index up nearly 1.5%.
Despite recent profit-taking, the primary upward trend in the stock market remains intact. Analysts anticipate a potential "Santa Claus rally" due to short-term oversold conditions. Although market breadth was negative, with more declining than advancing stocks, this may not significantly affect strong momentum indices.
Earlier data showed a surprise decline in U.S. consumer confidence, dampening market momentum. Concerns about the economic outlook persist, with high volatility risks ahead of the Federal Reserve's December meeting.
The S&P 500 rose 0.7%, the Nasdaq 100 gained 1%, and the Dow Jones Industrial Average increased by 0.2%. Qualcomm's stock surged after winning a lawsuit against Arm Holdings Plc, while Rumble Inc. saw a record gain due to Tether's stake acquisition.
